Model yachts race according to the International sailboat racing rules. The below links provide some useful resources for better understanding and learning the rules.

American Model Yachting Association - Rules Page

Racing Rules of Sailing

RACING RULES - YouTube Search

Racing Rules of Sailing 2021-2024 Changes for Radio Sailing - Greg Eaton

John's RC Sailing Rules and Tactics

Sailing Rules

Charleston Model Yacht Club 

Club #115 of the American Model Yacht Association (AMYA)